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REGISTERED NUMBER: 00878267 (England and Wales)















REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

RICHARD UTLEY LIMITED

RICHARD UTLEY LIMITED (REGISTERED NUMBER: 00878267)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


RICHARD UTLEY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: J H S Utley
C J Utley BSc MRICS
J A R Utley



SECRETARY: C B Cooper



REGISTERED OFFICE: Unit 12 Europark
Watling Street
Clifton-Upon-Dunsmore
Rugby
Warwickshire
CV23 0AL



REGISTERED NUMBER: 00878267 (England and Wales)



AUDITORS: Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
264 Banbury Road
Oxford
Oxfordshire
OX2 7DY



BANKERS: Handelsbanken
Coventry Branch
ECG4 Enterprise Centre
Technology Park, Puma Way
Coventry
CV1 2TT

RICHARD UTLEY LIMITED (REGISTERED NUMBER: 00878267)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


The directors present their report with the financial statements of the company for the year ended 30 September 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a property holding company.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

J H S Utley
C J Utley BSc MRICS
J A R Utley

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


RICHARD UTLEY LIMITED (REGISTERED NUMBER: 00878267)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

SIGNED BY ORDER OF THE DIRECTORS:





J H S Utley - Director


19 March 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RICHARD UTLEY LIMITED


Opinion
We have audited the financial statements of Richard Utley Limited (the 'company') for the year ended 30 September 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RICHARD UTLEY LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals along with complex transactions and manipulating the Company’s key performance indicators to meet targets. We discussed these risks with client management, designed audit procedures to test the timing of commercial revenue, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RICHARD UTLEY LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew Clifford (Senior Statutory Auditor)
for and on behalf of Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
264 Banbury Road
Oxford
Oxfordshire
OX2 7DY

19 March 2024

RICHARD UTLEY LIMITED (REGISTERED NUMBER: 00878267)

INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2022
Notes £    £   

TURNOVER 1,739,306 1,703,212

Administrative expenses 1,052,355 636,868
686,951 1,066,344

Other operating income - 970
OPERATING PROFIT 686,951 1,067,314

Interest receivable and similar income 9,934 1,223
696,885 1,068,537
Gain/loss on revaluation of investments 3,041,161 429,661
3,738,046 1,498,198

Interest payable and similar expenses 166,996 108,242
PROFIT BEFORE TAXATION 3,571,050 1,389,956

Tax on profit 4 912,501 263,276
PROFIT FOR THE FINANCIAL YEAR 2,658,549 1,126,680

RICHARD UTLEY LIMITED (REGISTERED NUMBER: 00878267)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 26,894 37,779
Investment property 7 23,575,000 20,400,000
23,601,894 20,437,779

CURRENT ASSETS
Debtors 8 306,906 375,831
Cash at bank and in hand 1,100,424 1,139,863
1,407,330 1,515,694
CREDITORS
Amounts falling due within one year 9 895,603 860,642
NET CURRENT ASSETS 511,727 655,052
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,113,621

21,092,831

CREDITORS
Amounts falling due after more than one
year

10

(2,170,250

)

(2,723,750

)

PROVISIONS FOR LIABILITIES (2,153,497 ) (1,165,756 )
NET ASSETS 19,789,874 17,203,325

CAPITAL AND RESERVES
Called up share capital 13 13,800 13,800
Capital redemption reserve 14 1,200 1,200
Fair value reserve 14 13,026,422 10,745,551
Retained earnings 14 6,748,452 6,442,774
SHAREHOLDERS' FUNDS 19,789,874 17,203,325

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2024 and were signed on its behalf by:





C J Utley BSc MRICS - Director


RICHARD UTLEY LIMITED (REGISTERED NUMBER: 00878267)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Called up Capital Fair
share Retained redemption value Total
capital earnings reserve reserve equity
£    £    £    £    £   

Balance at 1 October 2021 13,800 5,707,340 1,200 10,423,306 16,145,646

Changes in equity
Dividends - (69,000 ) - - (69,000 )
Total comprehensive income - 804,434 - 322,245 1,126,679
Balance at 30 September 2022 13,800 6,442,774 1,200 10,745,551 17,203,325

Changes in equity
Dividends - (72,000 ) - - (72,000 )
Total comprehensive income - 377,678 - 2,280,871 2,658,549
Balance at 30 September 2023 13,800 6,748,452 1,200 13,026,422 19,789,874

RICHARD UTLEY LIMITED (REGISTERED NUMBER: 00878267)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

Richard Utley Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Turnover
Rental income is recognised in the period in which it relates to. For any rent free periods, these are deferred and released on a straight line basis over the length of the lease.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The freehold land and buildings are investment properties. In accordance with FRS 102, investment properties are revalued to fair value annually , which for the properties is market value based upon rent yields, and the aggregate surplus or deficit is transferred to the profit and loss . No depreciation or amortisation is provided in respect of freehold investment properties. The directors consider that this accounting policy results in the financial statements giving a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.


RICHARD UTLEY LIMITED (REGISTERED NUMBER: 00878267)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

RICHARD UTLEY LIMITED (REGISTERED NUMBER: 00878267)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


4. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 152,071 155,861
Over/under provision in prior
year 139 -
Total current tax 152,210 155,861

Deferred tax 760,291 107,415
Tax on profit 912,501 263,276

UK corporation tax has been charged at 25% .

5. DIVIDENDS
2023 2022
£    £   
Ordinary A shares of 10p each
Interim 36,000 34,500
Ordinary B shares of 10p each
Interim 36,000 34,500
72,000 69,000

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 October 2022
and 30 September 2023 90,411 24,339 38,113 152,863
DEPRECIATION
At 1 October 2022 86,936 24,181 3,967 115,084
Charge for year 2,793 157 7,935 10,885
At 30 September 2023 89,729 24,338 11,902 125,969
NET BOOK VALUE
At 30 September 2023 682 1 26,211 26,894
At 30 September 2022 3,475 158 34,146 37,779

RICHARD UTLEY LIMITED (REGISTERED NUMBER: 00878267)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022 20,400,000
Additions 133,839
Revaluations 3,041,161
At 30 September 2023 23,575,000
NET BOOK VALUE
At 30 September 2023 23,575,000
At 30 September 2022 20,400,000

The properties were valued on an open market basis by C J Ultley MRICS at 30 September 2023.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 53,019 47,769
Prepayments and accrued income 253,887 328,062
306,906 375,831

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 153,500 153,500
Trade creditors 20,704 16,815
Tax 150,682 155,861
Social security and other taxes 9,529 -
VAT 66,263 82,795
Other creditors 200,830 179,290
Wages control 236 242
Accruals and deferred income 293,859 272,139
895,603 860,642

The bank loan was refinanced on 4 January 2022 for a three year term at 2.18% above the Bank of England base rate.

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 1,986,250 2,539,750
Other loans - 1-2 years 184,000 184,000
2,170,250 2,723,750

RICHARD UTLEY LIMITED (REGISTERED NUMBER: 00878267)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

Included within other creditors is a loan from the Susan Margaret Ann Utley Settlement amounting to £184,000. The Trustees, who include one of the directors, have given an undertaking that the loan balance will not be drawn down within 12 months of the balance sheet date. Interest accrues at 9.25% per annum.

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 26,422 9,192
Between one and five years 30,420 5,362
56,842 14,554

12. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,139,750 2,693,250

The Bank Loans are secured by a legal charge and debenture on all the assets of the company.

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
69,000 Ordinary A 10p 6,900 6,900
69,000 Ordinary B 10p 6,900 6,900
13,800 13,800

14. RESERVES
Capital Fair
Retained redemption value
earnings reserve reserve Totals
£    £    £    £   

At 1 October 2022 6,442,774 1,200 10,745,551 17,189,525
Profit for the year 2,658,549 2,658,549
Dividends (72,000 ) (72,000 )
Property revaluation (2,280,871 ) - 2,280,871 -
At 30 September 2023 6,748,452 1,200 13,026,422 19,776,074